Men’s Wearhouse to buy Jos. A. Bank for $1.8B

The Men’s Wearhouse Inc. and Jos. A. Bank Clothiers Inc. have finally agreed to an acquisition deal after months of drama between to the two men’s retailers.

The Men’s Wearhouse Inc. (NYSE: MW) and Jos. A. Bank Clothiers Inc. (Nasdaq: JOSB) have finally agreed to an acquisition deal  after months of drama between to the two men’s retailers.

Houston-based Men’s Wearhouse will pay $65 per share, or $1.8 billion total, to acquire Maryland-based Jos. A. Bank in the cash deal, the companies said Tuesday.

As part of the deal, Jos. A. Bank  terminated its $850 million agreement to buy the parent company of Bellevue, Wash.-based Eddie Bauer.

The boards of directors of both companies have unanimously approved the transaction.

The transaction is expected to close by the third quarter of 2014, subject to customary closing conditions, and Men’s Wearhouse will finance the deal with a combination of balance sheet cash and committed debt financing from Bank of America Merrill Lynch and JPMorgan Chase Bank NA.

The combined company will have more than 1,700 stores in the U.S., about 23,000 employees and pro forma sales of approximately $3.5 billion. Jos. A. Bank’s store banner will remain in place, so no rebranding or remodels will be required.

The companies did not disclose the management team for the new entity, but said in a statement that management will consist of the most qualified individuals from both organizations.

BofA Merrill Lynch and JPMorgan Securities LLC are serving as financial advisers to Men’s Wearhouse, and Willkie Farr & Gallagher LLP is serving as legal adviser. Goldman, Sachs & Co. and Financo LLC are serving as financial advisers to Jos. A. Bank, and Skadden, Arps, Slate, Meagher & Flom LLP and Guilfoil Petzall & Shoemake LLC are serving as its legal advisers.

<script height=”338px” width=”600px” src=”http://player.ooyala.com/iframe.js#ec=pncmc0bDqrD5FLoWjrUEIdA1fzX0dQvw&pbid=b8773f2d0c004524a47c066e67d669cd”></script>

Published On: August 31st, 2022 / Categories: Uncategorised /

Subscribe To Receive The Latest News

Curabitur ac leo nunc. Vestibulum et mauris vel ante finibus maximus.

Add notice about your Privacy Policy here.